Thermo Fisher Scientific (TMO) FY2017 results: revenue $20.9 billion, up 14.5% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $20.9 billion for fiscal 2017, the year ended 31 December 2017, up 14.5% on the year before. Net income was $2.2 billion, up 10.1%, and diluted earnings per share $5.59. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2018.
Revenue
$20.9 billion
+14.5% on the year
FY2010FY2017
Operating margin
14.2%
13.5% a year earlier
FY2010FY2017
Net income
$2.2 billion
+10.1% on the year
FY2010FY2017
Diluted EPS
$5.59
+9.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
20,918
18,274
16,965
+14.5%
Cost of revenue
11,473
9,905
9,210
+15.8%
Gross profit
9,445
8,369
7,756
+12.9%
Gross margin
45.2%
45.8%
45.7%
Research and development
888
755
692
+17.6%
Selling, general and administrative
5,504
4,976
4,612
+10.6%
Operating income
2,960
2,458
2,336
+20.4%
Operating margin
14.2%
13.5%
13.8%
Interest expense
592
470
415
+26.1%
Pre-tax income
2,429
2,024
1,936
+20.0%
Income tax
201
-1.0
-44.0
Effective tax rate
8.3%
-0.0%
-2.3%
Net income
2,225
2,022
1,975
+10.1%
Net margin
10.6%
11.1%
11.6%
Diluted EPS
$5.59
$5.09
$4.92
+9.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
4,005
3,258
2,942
+22.9%
Capital expenditure
508
444
423
+14.3%
Free cash flow
3,497
2,814
2,519
+24.3%
Free cash flow margin
16.7%
15.4%
14.8%
Cash from investing
-7,729
-5,520
-1,093
Cash from financing
3,854
2,759
-2,617
+39.7%
Depreciation and amortisation
2,033
1,758
1,688
+15.6%
Share-based compensation
159
133
125
+19.5%
Buybacks
750
1,250
500
-40.0%
Dividends paid
237
238
241
-0.6%
Dividend per share
$0.60
$0.60
$0.60
0.0%
Diluted shares, weighted
398m
397m
402m
+0.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
25,413
21,539
21,350
+18.0%
Debt
21,008
16,627
12,472
+26.3%
Other liabilities
10,248
7,741
7,067
+32.4%
Total liabilities and equity
56,669
45,908
40,889
+23.4%
Fixed assets
4,047
2,578
2,449
+57.0%
Goodwill
25,290
21,328
18,828
+18.6%
Intangible assets
16,684
13,969
12,758
+19.4%
Cash and equivalents
1,335
786
452
+69.8%
Receivables
3,879
3,048
2,545
+27.2%
Inventory
2,971
2,213
1,992
+34.2%
Other assets
2,463
1,985
1,866
+24.1%
Total assets
56,669
45,908
40,889
+23.4%
10-K for the year ended 31 December 2017, filed 28 February 2018: the filing.